Diamond News Archives
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Gold futures on Monday posted their first loss in four sessions, with haven demand for the metal taking a hit as U.S. equities partially bounced back from a coronavirus-triggered selloff, and the U.S. dollar and government bond yields rose.
A rise in the U.S. dollar DXY, +0.41%[1], gains in the Dow Jones Industrial Average DJIA, +0.69%[2] and the S&P 500 index SPX, +0.87%[3] as gold futures settled, as well as a climb in rates for the 10-year Treasury note TMUBMUSD10Y, +1.41%[4] yield to as high as $1.574 on Monday helped to weigh on bullion prices, which tend to weaken when the buck strengthens and stocks rally.
Gold also competes with bond rates for haven buyers, with rising yields tending to attract investors in Treasurys and away from precious metals.
“While all eyes are on headlines about the virus, many central banks may be dovish—which lowers other currencies” even as the U.S. seems to be the “most liquid and safest for capital,” said George Gero, managing director at RBC Wealth Management. “All this is temporarily leaving gold buyers to seek other trading opportunities for now.”
Gold for April...
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The new year began much the same as it ended - at least as far as polished prices were concerned - with very little happening.
In a pattern that seems to be repeating itself, January prices started at 120.99 and ended at almost the same point - 120.90 - with a slight dip at the mid-month mark that soon righted itself.
Outlook
Polished prices have been depressed for the past couple of years, but could there be a glimmer of light ahead? The results of the first De Beers Sight of the year were certainly positive. The sale was provisionally valued at $545 million, which compares favorably to the $500 million worth of goods purchased at the first Sight of 2019 and the $425 raised at the last sales event of 2019.
Chinese New Year was supposed to be a pivotal event with a pick-up in sales. With the outbreak of coronavirus in China and the cancellation of many CNY celebrations, the optimism that accompanies a fresh year seems misplaced. China is on something of a lockdown and news that luxury goods companies were shutting stores in Hong Kong has only dampened spirits further.
There are still high hopes that Valentine's Day will be strong, although whether the leap year has any effect on diamond buying remains to be seen.
At this point, with the upcoming elections in the U.S., the UK having finally left the EU and the possibility that coronavirus could turn into a worldwide pandemic, 2020 feels very unstable. How it will turn out is anyone's guess.
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The coverage on this live blog has ended. For the latest coverage on the coronavirus, visit the live blog from CNBC's Asia-Pacific team[1].
All times below in U.S. eastern standard time.
4:27 pm: First person in New York City under investigation for coronavirus
The first person in New York City is under investigation for coronavirus, according to the Department of Health. The individual, who is under 40-years-old, has been hospitalized and is in stable condition after showing symptoms following travel to mainland China. Testing by the CDC to determine whether this is a confirmed case of coronavirus will take at least 36-48 hours, according to health officials.
"An individual with a travel history to China felt unwell and sought help from a medical provider who promptly contacted the Health Department," said Health Commissioner Dr. Oxiris Barbot.
3:15 pm: Pentagon will provide housing for those who need to be quarantined
The Pentagon approved a request on Saturday from the Department of Health and Human services to provide housing for 1,000 people who could need to be quarantined after traveling abroad due to the virus, according to a Pentagon spokesperson.
3:00 pm: Apple closing stores in China could impact 1 million iPhones
As Apple temporarily closes its stores in China, roughly 1 million of Apple's iPhones in China are at risk of shifting out of the March and into the June quarter if the virus outbreak continues into late February, according to a Webush analyst note. However, the firm notes that it would be a less than 3% of Chinese annual iPhone sales at most and would have a negligible impact.
2:00 pm: Virus outbreak still largely centered in Hubei, WHO reports
A World Health Organization report...
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Police officers in plainclothes raid a medical supply shop for allegedly hoarding and overpricing face masks, as public fear over China's Wuhan Coronavirus grows, on January 31, 2020 in Manila, Philippines.
Ezra Acayan | Getty Images
All times below in U.S. eastern standard time.
2:00 pm: Virus outbreak still largely centered in Hubei, WHO reports
A World Health Organization report on Saturday said the outbreak is still largely centered in the Hubei Province in China. About 60.5% of all China cases since the start of the outbreak are from Hubei Province, and the remainder are from 33 other provinces, regions and cities, according to the report.
The second largest number of cases are from the Zhejiang Province. Furthermore, 101 of the 132 cases confirmed outside of China were people who had traveled to China in the 14 days before the onset of the virus.
1:00 pm: Case of the virus confirmed in Massachusetts
A case of the virus has been confirmed in Boston, Massachusetts,[1] in a man in his 20s who recently traveled to Wuhan, China, the Massachusetts Department of Public Health announced Saturday. So far, eight cases have been confirmed in the U.S: three people in California, two in Illinois and one each in Washington state, Arizona and Massachusetts.
11:30 am: Delta accelerates plans to suspend all U.S.-China flights
Delta said it will accelerate its plan to temporarily suspend flights[2] between the U.S. and China to Feb. 2, based on new U.S. requirements that deny entry to foreigners who have visited China in the past two weeks.
The last China-bound Delta flight from the U.S. leaves Feb. 1, and the last returning flight from...
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Major Economic Crisis Coming - Blame the Fed and Its Fiat Money - YouTubeWatch Queue
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Market forces are always more powerful than central planners. Economic laws are unbreakable. Central banking and the Fed have been a foolish attempt...